The solution
Before asking for favors, it is smart to hand them out. Therefore, regularly invest in your network by sharing valuable knowledge and helping others. After all, you can't take money out of the bank either if you haven't deposited something in it first.
Challenge 6: innovating doesn't work (anymore)
As your company grows, it becomes increasingly difficult to remain innovative. A larger company often creates more bureaucracy. This can cause your organization to be less flexible and innovative than before.
The solution
Embed innovation in your company. By ensuring from the beginning that your employees are given the space to innovate, it becomes part of your company's DNA. Encourage collaboration, be open to failure and keep learning.
Challenge 7: "It's okay, like this."
The right mindset is vital if you want to grow your business. Those who are satisfied with stable sales never dare to take the risks necessary for growth. Those who think too small miss the very unique opportunities to take the next step.
The solution
Make sure it is crystal clear to you what you want with your business and why you want it. Of course, there is no obligation to grow, but if you want to, you must have the courage to act on it.
Challenge 8: not coloring inside the lines
All kinds of sectors are teeming with entrepreneurs. Yet the risk is that you will stick too rigidly to your own sector and therefore miss out on interesting solutions to your problems.
The solution
Simple: dare to walk outside the box. You got this far by being innovative and taking risks, keep doing that. Look beyond the boundaries of your own industry to see how other entrepreneurs have grown their businesses.
Challenge 9: No grip on your finances
The bigger your business, the more money goes into it. And the harder it becomes to keep a grip on your finances. The problems also increase exponentially: not being able to pay yourself a salary once is one thing. But as soon as you can't pay your staff, you really have a problem.
The solution
Make sure you keep a grip on your finances and always know where you stand. A good accountant is half the battle in this regard. A professional who can help you keep your money flowing in the right direction is practically indispensable. Still want to keep doing it yourself? Then make sure you always keep up with sending your invoices, make a budget, look critically at your expenses and make sure you know how to do accounting. But in the context of delegating tasks, such an accountant is a good step.
Challenge 10: You lose your product/market fit
You got this far because you sell a product or service that solves a problem people have. That, very simply put, is your product/market fit. But once your business grows, maintaining that "fit" is a challenge. Maybe it's because your target market has different requirements or competition has increased.
The solution
Be aware that you can lose a product/market fit. It's all too tempting to think that once you've found it, you're locked in. Keep listening to your customer and adjust your product or service if necessary. And above all, keep moving.
Bonus tip: Growing pains? Don't despair!
If growing your business were easy, everyone would do it and be able to do it. You figured that out when you started in business, but it's important not to forget that growing pains will always come with it. It's natural that sometimes you doubt yourself and want to give up, but successful entrepreneurs don't let up.
For those who persevere and know that growing comes with trial and error, there are great opportunities ahead. As long as it is clear to you where and for whom you are doing it, no challenge will be too powerful for you. Keep working toward your goals and realize that you are not the first to struggle from time to time. And seek help where you can!